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Technology Stocks : Driverless autos, trucks, taxis etc.

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From: Sam5/31/2018 1:38:25 PM
   of 567
 
Waymo orders 62K self-driving Chrysler Pacifica minivans
KNIGHT RIDDER/TRIBUNE 1:37 PM ET 5/31/2018

Symbol Last Price Change
23.07 +0.86 (+3.87%)
1088.61 +20.81 (+1.95%)
41.775 +3.945 (+10.43%)
QUOTES AS OF 01:37:12 PM ET 05/31/2018


May 31--Fiat Chrysler Automobiles(FCAU) will deliver up to 62,000 Chrysler Pacifica Hybrid minivans to Waymo for its self-driving fleet.

The news, announced Thursday, marks a dramatic heightening of the partnership between the two companies and adds meat to FCA's strategy of not going it alone in what has become an arms race among automakers and tech companies in the push to develop self-driving vehicles.

FCA has delivered 600 Pacifica Hybrids to date for Waymo's efforts and had agreed to provide thousands more, but the latest news puts a more firm and substantial number to what FCA will do for Waymo, formerly Google's(GOOG) self-driving car project.

The companies also announced in the release that they would begin discussions about the use of Waymo self-driving technology, possibly through licensing, for retail customers in a vehicle made by FCA.

FCA CEO Sergio Marchionne touted the benefits of FCA's deal with Waymo.

"FCA is committed to bringing self-driving technology to our customers that is safe, efficient and realistic," Marchionne said in the release. "Strategic partnerships, such as the one we have with Waymo, will help to drive innovative technology to the forefront."

The announcement means FCA will remain involved in a major self-driving technology project without spending billions of dollars to do so, said Joseph Phillippi, president of AutoTrends Consulting.

"It's a huge win for Chrysler (and) it legitimizes the success of the Pacifica Hybrid," Phillippi said.

It's also happening at a time when the public is reacting to negative news about crashes involving self-driving or driver-assistance technology from other companies, namely Tesla and Uber.

But "like it or not," Phillippi said, autonomous vehicles or levels of automation are coming, noting that companies such FCA may not have the money that others such as Ford and General Motors(GM) have to spend developing the technology.

"Going through the back door makes a huge amount of sense," Phillippi said of the Waymo deal.

An FCA spokeswoman said she could not provide specifics on the financial details or additional information on the potential retail vehicle the companies are discussing. The vehicles for Waymo are expected to be delivered later this year.

Contact Eric D. Lawrence: elawrence@freepress.com. Follow him on Twitter: @_ericdlawrence.
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